Investing.com — Ryanair Holdings PLC (IR:) said the reopening and recent strength of the Chinese economy will bring more tourists from Asia and North America back to Europe during the key Easter and summer travel seasons. Strong passenger demand is expected, he said. in the .
In a statement announcing its third quarter, the low-cost carrier noted that bookings are “closer than spring 2020,” referring to the period it is believed to be before the impact of COVID-19 restrictions.
Despite deriving a “robust” surge in customers during the upcoming Easter festivities, Ryanair is still unable to post Q4 results as the holiday season does not hit March, the final trading month of its fiscal year. expected to report a loss of
However, full-year after-tax profit is projected to be between €1.325 billion and €1.425 billion (€1 = $1.0885), reiterating an improved outlook announced in early January. . He also has 168 million passengers for the full year 2023, well above Bloomberg’s consensus forecast of 156.7 million.
In the three months ended December 31st, Ryanair achieved an after-tax profit of €211 million after a loss of €96 million in the previous year. The numbers were also above pre-COVID levels.
“Travel demand is strong in October.[ober] The mid-season and peak Christmas/New Year holiday season (which was not adversely affected by Covid or the war in Ukraine) stimulated strong traffic and fares in all markets,” the company said.
Total revenue for the quarter increased by 57% to €2.31 billion, partly offset by a 36% increase in operating costs due to higher fuel and labor costs.
Bernstein analysts said Ryanair’s latest earnings were “resilient,” adding that the company’s outlook points to a strong summer travel season.